How To Fight Credit Card Fraud
Perhaps the first and foremost action any cardholder can take in the direction of preventing card fraud is to be extra vigilant. The main aim of the Cardwatch site, set up by the Association for Payment Clearing Services (APACS) is to increase awareness of card fraud.
Here are some of the basic tips set out to advise card consumers:
- Never let you cards out of sight.
- Thoroughly check all receipts and bank/credit card statements regularly.
- Shred any receipts, bank statements are paperwork that contains your personal details and home address.
- Do not leave you PIN lying around and never keep it in the same place as you card.
- Change your PIN regularly and avoid using the same number for all your cards.
- Choose a less obvious PIN combination .i.e. try to avoid you date of birth.
- Be aware of ‘skimming’ a process where the data is copied from the magnetic strip of one card and transferred onto a replica. This can occur at any retail outlet, restaurant or petrol station so be sure to check receipts and statements after using your card.
- Before you use a cash machine check to see if it appears to have been tampered with in any way. Walk away and report what you suspect to either the bank or machine operator. Cash machine fraud includes the use of skimming devices which copy card details and hidden miniature cameras which record the PIN punched in by the customer.
- Always cover your hand you are using to enter your PIN as fraudsters hover and ‘shoulder surf’ in an attempt to read what digits you enter. They will then use distracting techniques while they pick pocket and steal your card.
- Avoid theft by post by arranging to collect any new cards or cheque book direct from the bank and in person.
- Sign any news cards as soon as they arrive.
- Carry your cards separately from your wallet.
- Keep any details of account numbers and PIN’s in a secure place.
- After a transaction keep your eye on your card and get it back as soon as possible.
- Save all receipts to compare with billing statements.
- Report any questionable charges immediately to the card issuer.
- Void any incorrect receipts.
- Make sure you notify card companies in advance of a change of address.
- Do not lend you card to anyone.
- Never sign a blank receipt or cheque.
- Always check who you are giving out your bank details to by making sure they are a reputable company. If in doubt check with your local consumer protection office first to confirm your transaction is safe.
For as little as £15 a year you can obtain credit card cover which will offer worldwide protection for all cards specified in the policy. These can also include passports, driving licenses and house keys. A good credit card insurance policy will provide you with a 24 hour free phone number to call in the event of any cards being lost or stolen so that they can be cancelled or replaced immediately.
Published on September 29, 2007
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